Fireworks fizzled repeatedly in the second quarter’s final week. Ongoing and persistent efforts by portfolio managers to ‘rotate’ into supposedly attractive values, are primarily a tactic to sustain the overall primary uptrend that has persisted (at least superficially) throughout the year. In our view ‘distribution’ began under cover of a strong Dow and S&P from early March forward. 
 

I’ve described this ongoing pattern thoroughly along-the-way; and explained why we called for the S&P 2430-50 area to be a likely topping-zone. At the same time I was warning that many of the ‘heavy-lifters’ (a narrow group leading a post-Trump market romp we projected from Election Day forward), were undergoing distribution, while many pundits cheer-leading so-called FANG stocks well after the heart of their strong rallies were already behind, likely were endeavoring to press them higher (while rotation transpired?).